April 23, 2008 09:24 ET

eResearch Issues Update Report on Bellhaven Copper & Gold Inc.; Raises Target Price

TORONTO, ONTARIO--(Marketwire - April 23, 2008) - Bellhaven Copper & Gold Inc. is a Panama-focused junior mineral exploration and development company, with a portfolio of gold and copper properties. eResearch has raised the one-year Target Price from $1.10 to $1.25 per share. The Recommendation remains Speculative Buy.

Under a new CEO, the Company has instigated a new strategic plan aimed at accelerating the development of its projects through aggressive property acquisitions and joint ventures.

Bellhaven's prime property is Cerro Chorcha, a significant porphyry copper deposit in Panama. It has a NI 43-101 compliant Inferred Resource of 134 million tonnes 0.48% copper, 0.059 g/t gold (1.4 billion lbs copper). A revised estimate is expected in the near future.

The Company's Cerro Quema property in Panama should commence production towards the end of 2009.

With the acquisition of the Santa Maria gold mine in Colombia, Bellhaven has become a small gold producer, thus generating cash flow to pay for its exploration and development activities.

Challenges facing the Company include native land claims on several properties, accessibility to the mountainous Cerro Chorcha property, and a lack of an experienced labour pool in Panama.

This Press Release was prepared by eResearch and was not vetted by Bellhaven Copper & Gold Inc. Further, the Recommendation and Target Price contained in this Press Release and in the Update Report are strictly those of eResearch and, due to securities laws, are not endorsed by Bellhaven Copper & Gold Inc.

eResearch is Canada's primary source for independent, quality, investment research, focused primarily on small- and mid-cap companies. Our research and analysis is of institutional quality, and has the potential of reaching millions of global investors through our extensive electronic distribution network.

Bellhaven Copper & Gold Inc. paid eResearch a fee of $18,500 + GST to conduct research on the Company, on an Annual Continuous Coverage basis.

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